The Swiss National Bank on Thursday said it would introduce a negative exchange rate of 0.25 percent on sight deposit account balances at the central bank as it seeks to deter safe-haven buying.
In recent weeks, the franc has edged closer to its 1.20 per euro ceiling as the euro weakens on expectations the European Central Bank will launch full-blown quantitative easing early next year.
The SNB said it would expand the target range for three-month Libor to -0.75 percent to 0.25 percent. It plans to levy a negative interest rate on balances above 10 million Swiss francs.
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Updated Date: Dec 18, 2014 13:10:18 IST